David Sacks said that the stablecoin bill (GENIOUS Act) is currently receiving strong bipartisan support in the U.S. Congress 🇺🇸. Specifically, at least 15 Democratic Senators have voted in agreement to overcome the cloture threshold, which means ending the debate and removing the possibility of delay. He believes that with such consensus, the bill is almost certain to pass.

The main reason he believes in the bill's likelihood of passage is that stablecoins provide many practical benefits. Stablecoins create a new payment system for the United States: faster, cheaper, and more efficient. Not only do they help optimize the payment infrastructure, but they also play a role in reinforcing the global dominance of the U.S. dollar in the digital environment.

More importantly, stablecoins have the potential to create billions to trillions of USD in demand for U.S. government bonds. This is a key factor in increasing the nation's financial resources. David Sacks emphasizes that there are currently over 200 billion USD in stablecoins circulating in the market, but they remain outside the legal framework. If the U.S. enacts laws to clarify and regulate this sector, he believes that demand for Treasury bonds could skyrocket overnight.

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https://x.com/ThuanCapital/status/1925319805021876567